I've posted this link before and I thought I'd give it a try... Basically the house paint part of the process worked well. It covers really well, sparys easily, sands easily when completely dry, and is ligter weight when dry than you might have expected. Everything was looking pretty good until I tried putting Black Baron Clear over the top. That stuff is GARBAGE! I used the rattle can and could not get a smooth coat. it always left a rough mat surface possibly because the mist dried in the air befor it got to the surface. Then it turned yellow. Not just a little bit yellow. A LOT yellow. I've tried to sand it off but it still looks like yellow %$#@. I'm just glad this was a practice project.
I do like the idea of water based paints for easy clean up, alergies, etc. and this looks like it could work... IF you could come up with a clear over coat that worked. (or just paint your planes yellow to start with...